© Reuters. FILE PHOTO: UAE’s Oil Minister OPEC President Al Mazrouei addresses a news conference after an OPEC meeting in Vienna

ABU DHABI (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday the average oil price in 2018 was $70 a barrel.

The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia agreed in December to cut their combined oil output by 1.2 million barrels per day to balance the oil market starting from January.

“Today we look at an average year of around $70 for ,” Mazrouei told an industry news conference in Abu Dhabi, adding that this level would help encourage global oil investments. An energy ministry spokesman said the minister was referring to the average oil price in 2018.

(The story officially corrects to show that Mazrouei was talking about average oil price in 2018, not 2019)

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